This doesn't help when the entire arbitration system is biased towards corporations. They are the ones providing them with repeat business.

The proceedings are secret, the rules of arbitration are arbitrary and capricious, and you have no legal recourse if you run into bias, favoritism, conflict of interest, grotesque and willful misinterpretation of the law, or just plain old injustice.

If you actually want a low-cost, low-friction way to fairly resolve simple disputes, we already have such a system. It's called small claims court. Arbitration takes the scales of justice, and puts a pound of flesh on one side of the scale.